Contract
Exhibit 10.2
- , AMENDMENT# 1 TO LEASE WITH OPTION TO PURCHASE DATED MARCH I0,20i6 ( HEREINAFTER REFERRED 10 AS TIIB"LEASE" BBTWEEN: ATHENAMINBRALS,INC. ( HERBINAFTBR RBFBRRBD 'IDAS "ATHBNA"ORAS1HE"LESSBB") · · . AND: , - · BllUCBD. XXXXXXXX ANDBL1ZABBTH IC. XXXXXXXX AS TRUS'1'BBS OFTBEBRUCB AND BUZABJmISTRACHANRBVOCABLB LIVING TR.UST DATED 7 - 25 - 'Xxx (HERBINAFI'BR.RBPBRRED10AS fflB" XXXXXXXX TRUST" OR.ASTHE "LESSOR"} . SUBlBCT PROPERTY : (HEREINAFTBRREIIBRRBDIDASTRH"LEASBD PRBMISES ") XXXXXXXXXXXXXXXXXXXXx.x0000 - 000 - 00 - 0 - 000XXX XXXXXXXXXX COUNT'4 CAUFORNJA, 413.22ACRBS DBSCRJBEDAS THELAND EMBRACED WITHIN1HE FOLLOWING PATBNTBD MININGCLAJMS: QUAD DBUCH1, QUAD DEUCBH. QUAD DBUCEN, QUAD DBUCEV. QUAD DEUCRX. QUAD.DEUCE XO. QUAD - XXXXXXXX, XXXXXXXXX00.XXX#00,XXX#00, PAL#3S,PAL#36.LANGTR.Y#1,LANGTR.Y#2, LANGIRY# 4,LANG'IR.Y #JS, LANG'IR.Y# 6, CISOO #J I,· CISCO #J 2AND CI SCO# 3 WDBMININGCLAJMS XXXXXXXX SHOWN AND . ONMINERALSUR.VJ!Y #6777 APOlfflON OF SHCTIONS 6, 7 AND 8• 'l'OWNSHIP IONOkl ff, RANGE 0 XXX XXXXXXXXXX XXXXXxXXXXXXXXXXXXX XXXXXXXXXXXXXXX, XXX0X XXXXXXXXXXXX · AND: THELAND EMBRACBD WlTHINTHB FOU.OWING UNPATENTBD LODE MINING CJ;;AIMS: Xxx.XX 10 ( CACM2.90263 )ANDQUADDEUCBXDI( CAMC 306178) -- ----- 1 - ----------------------------- --- ··.· - ······· -- $ Jp £ ------ · --- LESSEE'S INITIALS LESSOR'S INITIALS PAGE#l
RECITALS LESSEE AND LESSOR MUTUALLY AGREE THAT A REDUCTION IN THE ROYALTY INTEREST IN THE LEASED PREMISES HELD BY MOBIL EXPLORATION AND PRODUCING NORIBAMERICA, INC TO A 2 % NSR WOULD BE MUTUALLY BENEFICIAL TO BOTH LESSEE AND LESSOR. LESSEE AND LESSOR MUTUALLY AGREE THAT THE LEASE - OPTION PAYMENTS DUE AND PAYABLE IN 2020 AND 2021 SHOULD BE AFIXED AMOUNT RPJHER 1HAN BASED ON THE PRICE OFSILVERAND THAT QUARTERLY PAYMENT OFSAID PAYMENTS INSTEAD OF ANNUALLY WOULD BE MUTUALLY BENEFICIAL TO BOIB LESSEE AND LESSOR. THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND AGREEMENTS HEREIN CONTAINED THE'PARTIES AGREE AS FOLLOWS . ---------- -- - - - - -- --- - - ---- ------ ATHENA SHALL PAY OFF THE REMAINING BALANCE DUE TO MOBIL EXPLORATION AND PRODUCING NORIB AMERICA, INC .AS SOON AS APAY OFF AMOUNT CAN BE AGREED ON BY ATI:IENA AND MOBIL EXPLORATION AND PRODUCING NORIB AMERICAINC. UPON RECEIPT BYTHE XXXXXXXX TRUST OF ANOTARIZED DEED AMENDMENT FROMMOBIL EXPLORATION AND PRODUCING NORTH XXXXXXX.XXX. WIIlCH STATES THAT THE NSR ROYALTY INTEREST ON 1HESALE OF ALL CONCENTRATES, PRECIPITATES AND METALS PRODUCED FROM ORES MINED, EXTRACTED ORTAKEN FROM 1HE XXXXXXX PROPERTY HAS BEEN REDUCED TO 2"/o NSR ,THEN THESTRACHAN TRUST SHALL CREATE AND EXECUTE ADOCUMENT WHICH CONVEYS A 1 % NSR ROYALTY ON SILVER PRODUCED FROM THE LEASED PREMISES ON APERMANENT BASIS TOATIIBNA. NOTE: THE NOTARY JURAT FORM WIIlCH WIILL BE USED TO NOTARIZE SAID DEED AMENDMENT MUSTBE AJURAT FORMWlllCH COMPLIES WIIB CALIFORNIA REQUIREMENTS FOR THE RECORDING OFADOCUMENT IN THE STATE OF CALIFORNIA. LESSEE'S INITIALS LESSORS INITIALS PAGE#2
UPON RECEIPT BY THE XXXXXXXX TRUST OF A NOTARIZED DOCUMENT FROM MOBIL EXPLORATION AND PRODUCING NORTH AMERICA INC.WHICH STATES THAT THE ROYALTY ON SILVER PRODUCED FROM THE LEASED PREMISES HAS BEEN REDUCED TO 2 % NSR THEN THE XXXXXXXX TRUST SHALL CREATE AND EXECUTE AND DELIVER TO ATHENA AN AMENDMENT TO THE LEASE - OPTION AGREEMENT DATED MARCH 10,2016 WHICH WILL REDUCE THE 2 % NSR PAYABLE TO THE XXXXXXXX TRUST ON SILVER PRODUCED FROM THE LEASED PREMISES TO ZERO. ATHENA SHALL MAKE A PAYMENT TO THE XXXXXXXX TRUST OF $10,000.00 ON OR BEFORE FEBRUARY 15, 2020 ATHENA SHALL MAKE THE FOLLOWING PAYMENTS TOTHE XXXXXXXX TRUST OF $45,000.00 IN 2020 AND $50,000 IN 2021 ON THE FOLLOWING SCHEDULE: $ 11,250.00 ON MARCH 15,2020, JUNE 15,2020,SEPTEMBERl5,2020 AND DECEMBER 15,2020 $12,500.00 ON MARCH 15,2021,JUNE 15,2021, - SEPTEMBER 15,2021 AND DECEMBER 15,2021 NOTE : ANY PAYMENT WHICH IS 30 DAYS PAST DUE SHALL BE SUBJECT TO A 10 % LATE CHARGE NOTE : PERFORMANCE OF THE OBLIGATIONS OF THE XXXXXXXX TRUST DESCRIBED HEREIN SHALL BE CONTINGENT UPON ATHENA BEING CURRENT ON ALL PAYMENTS DUE TO THE XXXXXXXX TRUST . NOTE : IF ATHENA HAS BEEN UNABLE TO ACHIEVE THE HEREIN DESCRIBED REDUCTION TO 2 % NSR ROYALTY ON THE PRODUCTION OF SILVER FROM THE LEASED PREMISES ON OR BEFORE MARCH 15,2022 FROM MOBIL EXPLORATION AND PRODUCTION NORTH AMERICAN INC. THEN THIS AGREEMENT SHALL TERMINATE AND SHALL BE NULL AND VOID. ". 3 CX 'J? c l<.6 ------------------------------------------------------------------------------------------------------------- LESSEE'S INITIALS LESSOR'S INITIALS PAGE#3
LESSEE : ATHENA MJNERALS INC. 9 P : J ------------------------------------------------- - r, : f : j?, _ l _ 1i / ------------------ BY XXXX X. POWER, PRESIDENT DATE LESSOR : XXXXX X. XXXXXXXX AS TRUSTEE OF THE XXXXX AND XXXXXXXXX XXXXXXXX REVOCABLE LIVING TRUST DJITED 7 - 25 - 2007 XXXXX X. XXXXXXXX, TRUSTEE DATE LESSOR : XXXXXXXXX X. XXXXXXXX AS TRUSTEEOF THE XXXXX AND XXXXXXXXX XXXXXXXX REVOCABLE TRUST DATED JULY 25, 2007 DATE Lf 'Cy; £ :_.s ---------------------------------- ---------------------------------------------------------- :.,/(:'·· ---------------- LESSEE'S INITIALS LESSOR'S INITIALS PAGE#4
